OAG Analytics, a Houston, TX-based provider of artificial intelligence (AI) driven solutions for oil and gas, raised its second round of strategic funding in the past nine months from Rice Investment Group.
The amount of the transaction was not disclosed.
The company intends to use the funds to accelerate customer success and complete several major enhancements to their upstream AI platform.
Led by Luther Birdzell, Founder and CEO, OAG works with oil and gas companies to identify new opportunities to reduce costs and increase production in complex oil and gas field development. The company’s self-service, proprietary software enables subsurface engineers and scientists to add AI to their workflows, automating time consuming tasks as well as identifying new complex correlations that lead to cost savings and production uplift.
The cloud-centric AI platform provides data management, advanced analytics, AI simulations and visualizations, which are purpose built to integrate with current upstream workflows and enhance well life-cycle decisions.
The technology is being applied to more than three million acres throughout major shale basins, including the Permian, Eagle Ford, Bakken, Anadarko and Haynesville.
U.S. operators have optimized more than $10 billion in capital expenditures using OAG’s technology.